Since we often face the same questions, we decided to make a list of the most frequently asked questions, with the intention of facilitating our current and potential clients' processes of buying, selling, renting and buying real estate.
A building permit is required to start the (re)construction of a building. The building permit application is submitted by the investor, and is to be sent to the competent construction and physical planning office in the place where the (re)construction of the building is planned.
Residential condominiums are frequently constructed as apartment buildings, but there are also “detached condominiums”, which look like single-family homes, but in which the yards (gardens), corridors, building exteriors, and streets as well as any recreational facilities (like a pool or pools, bowling alley, tennis courts, golf course, etc), are jointly owned and maintained by a community association.
Unlike apartments, which are leased by their tenants, condominium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as corridors/hallways, walkways, laundry rooms, etc
Pre- contract is a preexisting contract that legally prevents a person from making another contract of the same nature.
A geodetic survey determines the precise position of permanent points on the earth’s surface, taking into account the shape, size and curvature of the earth. Geodetic surveying techniques are applied when areas or distances involved are so great that desired accuracy and precision results cannot be obtained by ordinary or plane surveying.
The methods for analyzing the value of a real estate investment are analogous to those used in the fundamental analysis of stocks. Because real estate investment is typically not a short-term trade, analyzing the cash flow, and the subsequent rate of return, is critical to achieving the goal of making profitable investments.
To profit, investors must know how to value real estate and make educated guesses about how much profit each will make, whether through property appreciation, rental income, or both. Accurate real estate valuations can help investors make better decisions when it comes to buying and selling properties.
If you want to rent or sell a house, you’re going to need an energy efficiency certificate.
The energy efficiency certificate or energy certificate is nothing more than an official document drafted by a competent technician.
You are required to have one when:
This certificate includes objective information on the energy characteristics of the home. It is prepared by calculating the energy consumption that each building or home needs over the course of a year, assuming normal operating conditions and use. Based on this calculation, the property receives an energy qualification with a letter.
The calculation accounts for hot water production, heating, lighting, AC and ventilation. It also considers elements such as the material for the outer walls, woodwork, what kind of windows the building has, and its AC systems.
The energy certificate is valid for 10 years.
A down payment is a sum of money that a buyer pays in the early stages of purchasing an expensive good or service. The down payment represents a portion of the total purchase price, and the buyer will often take out a loan to finance the remainder.
In real estate, a purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction. The buyer will propose the conditions of the contract, including their offer price, which the seller will then either agree to, reject or negotiate.
Negotiations may go back and forth between the buyer and the seller before both parties are satisfied. Once both parties approve the terms and have signed the purchase agreement, they’re considered to be “under contract”
You may have also seen purchase agreements referred to as any of the following:
Typically, the buyer’s agent writes up the purchase agreement. However, unless they are legally licensed to practice law, real estate agents generally can’t create their own legal contracts. Instead, firms will often use standardized form contracts that allow agents to fill in the blanks with the specifics of the sale.
Every real estate transaction is different, so not all real estate purchase agreements will look the same. However, there are some basic items that should be included in every purchase agreement.
The best time to back out of a real estate purchase is before you’ve signed the purchase agreement. After that, you’re under contract, and you may be penalized if you back out for reasons that aren’t stipulated in the purchase agreement.
Before signing a purchase agreement, make sure it includes information about the conditions under which the contract can be terminated.
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